Business
Vehicle importers await duty structures and Import Controller’s circular to banks
Following govt’s gazette to resume vehicle imports
By Sanath Nanayakkare
Prasad Manage, the President of the Vehicle Importers’ Association of Sri Lanka (VIASL), yesterday said that the registered vehicle importers are eagerly waiting for the government to issue the four-duty structures applicable to vehicle imports as well as the circular to the banks from the Import Controller, following the extraordinary gazette notification regarding the import of vehicles on Jan. 27, 2025, by President Anura Kumara Dissanayake as the Minister of Finance.
The new gazette allows the importation of 25-seater (or more) buses, 10-to-16-seater passenger transport vans, double cab, and lorries.
Manage said that their industry has received the good news that 4 types of vehicles were opened up for importation, for which the duty structures have yet to be issued by the authorities.
“We hope that circular would be issued soon. We also hope that car imports for personal use will be opened up shortly. This will have a progressive impact on the economy of the country,” he said.
He pointed out that the 5-year ban on vehicle imports has had an adverse impact on direct and indirect jobs of the industry.
“The businesses that put up shutters will revive with this move, and it will increase the money circulation in the country. Also, the government will be able to reach its revenue targets as a result of it. The job losses suffered by clearing agents, lorry drivers, car carrier operators, spare parts sellers, garages etc. will also be revived with the move. It will serve as a stimulant to the economy. “he said.
“Importation of vehicles for personal use has not opened yet. We hope as the President said, a gazette would be issued on Feb. 1, regarding that too. Our wish is to enable the consumers buy a good vehicle at a good price for them. However, to get a correct understanding of what prices they could purchase, depends on the duty structures and other things to be announced yet,” he said.
Responding to questions from the media about how the existing prices on old vehicles will behave in the new circumstances, he said,” I can’t exactly say without having the duty structures. From our experience, I would say that chances are the prices of some old vehicles will come down while some will go up.”
“For example, we might be able to import a [double] cab for Rs. 25-26 million. Accordingly, the prices of old cabs may come down. The price of a 15-seater van could go up because the CIF price and the duty on it has gone up. Our objective is to let the consumers buy good vehicles at reduced prices if we get less taxes. We have requested the government to reduce the tax structure a bit. If that is granted, we can bring vehicles at reduced prices,” he said.
He noted that if car imports are allowed by Feb. 1, they can bring the vehicles to Sri Lanka in three weeks.
He mentioned the fact that banks need to receive a circular from the Import Controller to enforce the new gazette notification and open LCs for the four types of vehicles currently allowed.”.
The new gazette, however, has revised vehicle import regulations under Import and Export Control Act. They included: registration requirements with the TIN number, import limits for individuals, penalties for over-importation and re-export regulations if in violation of new regulations.
Sri Lanka’s Cabinet of Ministers had decided to lift all vehicle import restrictions by February 2025, according to a comment made by the then foreign minister Ali Sabry, on September 12, 2024.
Sri Lanka’s Central Bank Governor, Dr. Nandalal Weerasinghe, has underscored the critical role of sovereign credit rating agencies in helping debt-distressed nations smoothly transition out of default status after successful debt restructuring.
Speaking at the Global Sovereign Debt Roundtable (GSDR) in Washington DC on the sidelines of the IMF and World Bank Spring Meetings, Dr. Weerasinghe shared Sri Lanka’s ongoing debt restructuring experience.
He highlighted that while restructuring is a crucial step toward economic recovery, rating agencies must play a proactive role in reassessing countries’ creditworthiness fairly and promptly once restructuring is completed.
The GSDR, co-chaired by the IMF, World Bank, and G20 Presidency, serves as a key platform for debtor nations and creditors to address debt challenges.
Sri Lanka, a country which has undergone complex debt negotiations, has been an active participant in these discussions.
Governor Weerasinghe’s remarks come at a pivotal time, as Sri Lanka seeks to restore international investor confidence post-restructuring.
His call aligns with broader discussions at the GSDR on improving coordination between debtors, creditors, and financial institutions to ensure sustainable debt solutions, and help restore international investor confidence in countries such as Sri Lanka.
The roundtable also highlighted the newly introduced Sovereign Debt Restructuring Playbook, designed to guide countries through restructuring processes.
The Central Bank’s push for more responsive and supportive rating agency policies could set an important precedent for other debt-distressed economies as well.
Speaking at the GSDR, Treasury Secretary K M M Siriwardana acknowledged the International Monetary Fund (IMF) as instrumental in stabilising Sri Lanka’s crisis-hit economy, as the country prepares to receive its fifth IMF tranche of $344 million in the coming weeks.
Siriwardana reflected on Sri Lanka’s ‘extremely challenging journey’ since its 2022 economic collapse marked by severe shortages, public unrest, and a loss of confidence in governance.
“Seeking IMF support was a strength, not a weakness,” he asserted, crediting the Fund’s policy framework and technical assistance for reversing the economic freefall.
He highlighted over 200 IMF training programmes conducted to strengthen institutional capacity, stating, “The IMF laid the foundation for stability.”
Notably present at the discussion was Peter Brewer, the IMF’s former Senior Mission Chief for Sri Lanka, underscoring the close collaboration between Sri Lanka and the Fund.
Siriwardana traced the roots of the crisis to political instability between 2017–2019, the 2019 Easter attacks, and contentious tax policies, which collectively deepened Sri Lanka’s economic vulnerabilities. “Yet,” he noted, “Difficult reforms are now yielding positive results.”
By Sanath Nanayakkare
Calcey, a global software services provider, has achieved ISO 27001:2013 certification, the international benchmark for Information Security Management Systems (ISMS). This certification highlights Calcey’s strong measures in safeguarding client data and managing security risks.
The rigorous audit covered Calcey’s security protocols, risk management, and operational processes across its offices in Singapore, Sri Lanka, and the U.S.
Mangala Karunaratne, CEO of Calcey Technologies, stated that this milestone underscores their dedication to top-tier data security, reinforcing trust among clients in the U.S., Europe, and the Nordic regions.
The certification ensures compliance with global security standards, benefiting Calcey’s diverse clientele, from startups to large enterprises.
Chinese Dragon Café, a leading Sri Lankan-style Chinese restaurant, has announced that its temporary outlet at Alpine Hotel in Nuwara Eliya will remain open until April 30, catering to both loyal customers and tourists during the Avurudu season.
The seasonal branch has already gained popularity among locals and visitors, offering signature dishes like seafood fried rice, fried noodles, tom yum soup, hot butter cuttlefish, and crispy spring rolls. To enhance convenience, the café provides free delivery within Nuwara Eliya for hotel guests and holidaymakers.
This marks the brand’s first seasonal expansion to Nuwara Eliya, capitalizing on the influx of tourists especially from Colombo, enjoying the cool climate and festive atmosphere.
Heat index, is likely to increase up to ‘Caution level’ at some places in Eastern and North-central provinces and Mullaitivu and Vavuniya districts
People have now started to think of themselves as Sri Lankans sans ethnic or religious divisions- PM
Heavy showers about 100 mm are likely at some places in Central, Sabaragamuwa, Uva, Eastern and North-central provinces and in Vavuniya, Mullaittivu and Kurunegala districts.
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